Vista Outdoor falls on rejection of MNC Capital's buyout offer

Vista Outdoor

08/07/2024 13:18

** Shares of Vista Outdoor  VSTO.N  down 2.8% at $36.01
before the bell
    ** Company rejects investment firm MNC Capital's final
buyout offer of $3.20 billion, citing it undervalues VSTO as a
whole and especially the Revelyst (performance gear) business
    ** Agrees to an increased bid for its other operating
segment of ammunition from Czechoslovak Group (CSG)
    ** VSTO has rejected all previous bids by MNC Capital in
favor of its plan to separate its businesses
    ** MNC Capital had increased its offer to $42 per share from
$39.50 in June
    ** VSTO says CSG raises purchase price for the proposed deal
to buy its ammunition unit Kinetic Group by $100 million to
$2.10 billion
    ** On closing of the CSG deal, Vista stockholders would
receive one share of Revelyst common stock and $21.00 in cash,
up from $18 offered in June
    ** Up to Friday's close, VSTO had risen 25.2% so far this
year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))